COSL(601808) 光大证券·2025-01-22 05:59Investment Rating - The report maintains a "Buy" rating for the A-shares and an "Accumulate" rating for the H-shares of the company [1]. Core Views - The company focuses on a technology-driven strategy to enhance its core competitiveness and plans to maintain high capital expenditures to improve its business system [1][5]. - The company has achieved significant improvements in its technology capabilities, with a technology coverage rate of 81% and a reduction in drilling cycle time to 11.80 days for 2500-meter equivalent wells [6]. - The technology segment has become the main profit contributor, with revenue increasing from 133 billion RMB in 2020 to 258 billion RMB in 2023, accounting for 58% of total revenue [7]. - The company plans to invest approximately 7.2 billion RMB in capital expenditures in 2025, focusing on equipment investment, technology upgrades, and research and development [8]. - The company is expected to benefit from stable global oil demand and increased exploration and development investments, particularly in offshore projects [10]. Summary by Sections Investment Rating - A-shares: Buy (Maintain) [1] - H-shares: Accumulate (Maintain) [1] Company Strategy - Emphasis on technology-driven strategy since 2021, leading to improved profitability in the technology segment [6]. - Major technological advancements include proprietary systems in seismic exploration, logging, directional drilling, and completion technologies [6]. Financial Performance - Revenue growth from 35.66 billion RMB in 2022 to an estimated 67.68 billion RMB in 2025, with a compound annual growth rate of 23.40% [12]. - Net profit is projected to grow from 3.01 billion RMB in 2023 to 4.83 billion RMB in 2025, reflecting a growth rate of 23.27% [12]. Market Position - The company ranks fourth globally in cable logging with a market share of 5.1% and third in cementing with an 8.1% market share [7]. - The technology segment's revenue is expected to maintain a share of over 55% in 2025, with strategic emerging industries accounting for over 20% [8]. Future Outlook - The company aims to achieve a systematic application of core technology equipment by 2030, targeting a technology segment revenue share of 60% and strategic emerging industries at 30% [8]. - The report forecasts a stable global oil demand and a favorable environment for the company's technology services, driven by increasing complexity in oil and gas exploration [10].